EQT Slashes 2015 Capex Budget 24%, Reduces Drilling Program 45%

February 6, 2015

Perhaps the biggest news coming from EQT yesterday is the news that they’ve once reduced their capital expenditure (capex) budget for 2015. In December, the company said they would spend $2.5 billion on capex in 2015–down from $2.7 billion spent in 2014—and drill 244 new wells this year (see EQT’s 2015 Plans: 181 Marcellus Wells, 58 UD Wells, 5 Utica Wells). Yesterday EQT whacked the budget again, given the low price of oil and gas. They will now spend $2.05 billion on capex (down 24% from last year) and instead drill 191 wells, as opposed to the 345 wells they drilled in 2014 (down 45%)…